SoundCloud lays off 40 percent of its staff in cost-cutting push

08 July, 2017, 00:39 | Author: Franklin Nunez

The decision to stay in control of its "independent future" came at a hefty price: The music streamer on Thursday said it will lay off 40 percent of its staff and close its offices in London and San Francisco. But, Ljung wrote, "we need to ensure our path to long-term, independent success", which apparently includes reducing personnel.

Though SoundCloud has around 175 million listeners, the company remains unprofitable.

In September 2016, music streaming rival Spotify was apparently in advanced talks to merge with SoundCloud, according to the Financial Times.

The cost-cutting move means offices in London and San Francisco will shut down, and SoundCloud will consolidate operations between the remaining NY and Berlin offices.

In a company blog, CEO Ljung confirmed he has told 173 staff that after "careful and painful consideration" their contract will be terminated. Most of the content on SoundCloud is free, and a subscription tier introduced a year ago that put some music behind a paywall hasn't been as successful as executives hoped. Without them, we would not be where we are today.

SoundCloud has raised over $298 million including $70 million from Twitter, showed data gleaned from Crunchbase.

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Over the years, SoundCloud has become a must-visit site for well-known and emerging artists to share their music and remixes for free, as well as a home to thousands of radio shows, interviews and podcasts. However, a report from Recode published in March suggested that SoundCloud was considering offers in excess of $250 million (£200 million).

The last official numbers show SoundCloud incurred a €51 million (£45 million) loss in 2015, slightly higher than the €39 million (£35 million) loss it recorded in 2014.

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